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of the u.s. treasury? former treasury head larry summers is on board. so is the former head of visa and google purchased a stake in lending club as well giving the young company a valuation of $1.5 billion. now at its heart, lending club is simply a dating service for money. a person in need posts his or her request and you can lend that person cash. you can cover some small part of the loan, as little as $25 or fund the entire thing. nearly $3 million changes hands on lending club every single day. >> co-founder and ceo of lending club came up with the idea when he noticed his credit card charged him 18% interest for debt and bank paid 1% for his deposits. so i don't think we can start this without explaining how it works. i have some money. i go on and can find a loan i think is interesting and contribute the money, right? >> you diversify your investment -- >> take my money and split it up. >> across fractions of loans. if you make a $10,000 investment, most likely you're going to invest in 400 different loans and take $25 fraction of each -- >> we're all going to ask, how do i k
in such a way and the u.s. government is getting into this as well. servitude is the notion of loss of choice. upstart we like to think you have more choices, you can do what you want as opposed to feeling what you have to do because you have a lot of student debt. >> dave, first of all, leaving google to do a startup. >> not a lot of people have said that to me, by the way. >> i have a question, who is the ideal candidate for something like this and is there an ideal candidate. >> capital on future potential has broad-based potential. people early in their career who tend to want to do something entrepreneurial, but they have a big burden, student debt or credit card debt, they have freedom to take a chance, pursue something they are excited about. instead of taking that boring corporate job they really don't want. that's the prototypical upstart. >> sounds like an idea that makes perfect sense for bay area and people involved in tech but does this apply to all people in other parts of the country or another company not tech. >> it's not silicon solution at all, stanford or cal, mit, cam bri
. cities and counties. many states here in the u.s. we have an office in dubai and one in melbourne. and we serve those governments overseas as well. >> so explain to me what it is you do. we've seen things where people are publishing to government, the white house petition is a good example of it. you may or may not do that. to be honest with you, i'm not interested in that. what's revolutionary is the city government coming out of the city and into the hands of the people. >> well, that's exactly right. our mission in life is to bring the government to the people so people don't have to go to city hall, they don't have to go to the county offices, they just basically transact with their governments online. and you know, there's very simple processes that take place, you know, like registering a complaint, buying a -- getting a driver's license but then there's also very complex processes as well like building a very large commercial building. the stadium that's going to be done in san francisco here pretty soon. and it's a complex process that needs to be regulated and permitted by the lo
in music or facebook's business, it wasn't that much of a factor. andy, thank you for being with us this morning. >>> up next, we're going to talk about national security letters as much as the law will allow. so nsa, start your tivos when "press here" continues. >>> welcome back to "press here." the first rule of national security letters is, you can't talk about national security letters, if you received one. my next guest, matthew prince, talking about them now, before he and his company cloud fair are contacted by the national security agency, or the fbi, or any other organization. cloud flare knows a lot about what's going on on the internet. now, in the process, the company touches a staggering amount of data. matthew prince has become the booming voice of reason in the debate over domestic spying. thank you for being with us this morning. >> thank you for having me. >> you, along with 40 other tech companies, sent a letter to the obama administration asking for greater transparency. it wasn't the declaration of independence, but it was a strongly worded letter that said, we,
Search Results 0 to 3 of about 4